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A hot potato: While many companies and individuals have announced their intentions to jump on the NFT bandwagon, social media firms have been comparatively quiet when discussing plans for non-fungible tokens. However, a new report claims Meta is examining ways that users of Facebook and Instagram could create, display, and sell NFTs across the platforms.
Meta/Facebook’s controversy-filled history shows it has never been one to shy away from a hot-button topic, but while the likes of Ubisoft, Square Enix, Konami, and voiceover artist Troy Baker have all loudly declared their love for NFTs—and received plenty of backlash for it—Meta has remained relatively low-key beyond a few comments about exploring the area.
But the Financial Times reports that teams at Facebook and Instagram are now preparing a feature that will allow users to display NFTs as profile pictures. Additionally, they want those on the platforms to be able to mint new NFTs and are already working on a prototype that will allow the process.
Not surprisingly, Meta is also discussing plans to create a marketplace where users can buy and sell their NFTs, something that GameStop is already working on.
The report does come with the caveat that these plans are at an early stage and could yet change. Still, it’s hard to imagine Meta not wanting to be part of something that much of the tech industry (and beyond) is rushing to embrace, even if most people are against NFTs.
It did seem inevitable that Meta would push heavily into NFTs at some point, especially as CEO Mark Zuckerberg has talked about how they will be part of the metaverse—maybe the company could incorporate its patented ‘eye-tracking for ads’ technology into its non-fungible token business, too.
Whatever your feelings on NFTs, which for most people is either “hate them” or “really hate them,” it looks as if they’re here to stay, as illustrated by Coinbase, who has made purchasing non-fungible tokens a lot simpler by allowing them to be bought from its marketplace using a Mastercard.